Report: Americans save less than 5 percent of disposable income

Financial savings / Shannong Lilly (WGXA)

MACON, Ga. -- The average American saves less than 5 percent of their disposable income according to USA Today, but one financial adviser said that probably won't be enough in retirement.

Financial expert Coleen Giffin says it's easy to get caught up in the here and now.

"What I really find, and this is true of all of us, and if you have a choice between enjoying something now and having to wait to enjoy it, our society is not built to wait," Giffin said.

That's why she says it's important to be intentional about savings, especially for retirement.

"If you have a company that has a 401(k) or 403(b) or some type of retirement plan, look and see what the match is and start there," she said. "Get as much free money as you can."

If you don't have a company retirement plan option start putting aside a certain percentage of each pay check into a savings account.

That percentage will vary depending on the person and situation.

"If it's possible, once you get to the discretionary spending, I think 25 percent of your discretionary spending toward savings would be fabulous,"Giffin suggests.

She also recommends beginning to save your money as early as possible.

"The ability to put money aside and not have somebody tell us what to do with it, that's a freedom and that's something to enjoy," she said.

Giffin said it's important to have a goal of how much you want to save and what you want to save up for.

She said to give yourself flexibility to use that savings in other ways if necessary.

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